Debt Management Solutions for Worried Bankruptcy

There are lots of debt management solutions out there. Some involve employing an outside debt resolution company, while others do not.


Pittsfield, MA -- (SBWIRE) -- 02/27/2013 -- would like to share information about these ideas, including:

- Do it on One’s Own
- Earn Money for Debt Repayment
- Devise a Budget
- Utilize a Debt Management Company

Debt Management without Outside Help

It is possible for those who have a great deal of debt to manage it without the aid of an outside source. Some solutions to debt management are asking for a small loan from a friend. Perhaps using some of the money in an IRA at work can help, too. Develop a feasible budget, which will be addressed in more detail shortly. Make slightly more than the monthly payment. Even 10% will knock down a debt’s principal. Do this every month and debt will be much easier to handle.

Ways to Earn Debt Repayment Cash

One of the reasons people have so much debt is because they don’t have the money to make all of their monthly payments. If this is the situation one finds oneself in, here are some debt management solutions through earning cash to pay off debts. Use the equity in one’s home to pay off large debts. Sell some unused household items. Pick up a fun part-time job. Cash out a savings account, or put part of it toward debt repayment. Using any of these tips can get one started on positive debt management.

Work Out a Reasonable Budget

Budgeting can be difficult, especially if it is crafted without an eye to day-to-day survival. Solutions to debt management include adding up all debts to get a working total of how much is owed. Allot a certain amount for everyday purchases. Gather all of one’s bills and prioritize them from the highest amount owed to the least. If the electric bill is 2 months late, mark the date on which it will be paid. Make a note of the date the following week on which the next-largest bill will be paid, and so on.

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Hire Outside Assistance

Using an outside source to help one get control of his debts is one of many debt management solutions one can choose. Debt management companies are available to assist in contacting one’s creditors and working out lower payments or help with budget development. They may also provide some credit counseling. Of course, they charge a fee for this service, so be prepared to factor that into debt management.

About Credit-yogi is a reliable consumer resource website located in Pitts field, Massachusetts that connects people who have questions with those who have answers. There is no charge for using the site, and they are backed by over 260,000 financial and legal experts. For a free initial consultation, dial 866-964-9644.